Q2 2025 Palantir Technologies Inc Earnings Call

Good afternoon, I'm honest sorrow from pound tiers finance team and I'd like to welcome you to our second quarter 2025 earnings call, we'll be discussing the results announced in our press release issued after the market closed and posted on our Investor Relations website.

During the call we will make statements regarding our business that may be considered forward looking within applicable securities laws, including statements regarding our third quarter and fiscal 2025 results management's expectations for our future financial and operational performance and other statements regarding our plans prospects and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties.

And I'd like to welcome you to our second quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market closed and posted on our Investor Relations website.

Which would cause them to differ materially from actual results.

During the call, we will make statements regarding our financial performance.

Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings.

We undertake no obligation to update forward looking statements, except as required by law.

Further during the course of today's call, we will refer to certain adjusted financial measures.

These non-GAAP financial measures should be considered in addition to not as a substitute for or in isolation from GAAP measures additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures is included in our press release and Investor presentation provided today.

Our press release Investor presentation, and other earnings materials are available on our Investor Relations website at investors at <unk> Dot com.

Over the course of the call we will refer to various growth rates when discussing our business. These rates reflect year over year comparisons unless otherwise stated.

Joining me on today's call are Alex Karp, Chief Executive Officer, Sean <unk>, Our Chief Technology Officer, Steve <unk>, Our Chief Financial Officer, and Ryan Taylor, Chief revenue Officer, and Chief Legal Officer.

I'll now turn it over to Ryan to start the call.

Our tremendous second quarter results demonstrate how pollen tears redefining what is possible with enterprise AI.

We remain maniacally focused on value creation for our customers.

Our U S business is the engine of this transformation.

S commercial led with 93% year over year revenue growth outpacing our U S government revenue growth of 53% year over year.

Our overall U S business revenue grew 68% year over year, and 17% sequentially and now represents 73% of total company revenue.

We surpassed $1 billion in quarterly revenue for the first time as our overall revenue growth continued to rapidly accelerate to 48% year over year growth in Q2.

Through this record breaking quarter, our rule of 40 score continued decline, reaching 94 in Q2, which is up 11 points quarter over quarter, particularly noteworthy given the scale of our business.

As AI continues to relentlessly advance the market has become increasingly aware of the most important and fundamental technical reality.

<unk> on their own or at best a jagged intelligence divorced from even basic understanding.

And one moment they may appear to outperform humans and some problem solving task, but in the next they make catastrophic errors no human would ever make.

By contrast, our ontology is pure understanding concretize and software.

This is reality not rhetoric and enterprises are experiencing this reality keenly.

Llm's simply don't work in the real world without Poland here.

This is the reality fueling our growth.

Ryan Taylor: They make catastrophic errors no human would ever make. By contrast, our ontology is pure understanding concretized in software. This is reality, not rhetoric. And enterprises are experiencing this reality keenly. LLMs simply don't work in the real world without Palantir. This is the reality fueling our growth. We booked our highest TCV and ACV ever last quarter, with $2.3 billion in TCV and $684 million in ACV. We closed a whopping 157 deals worth $1 million or more, of which 66 deals were worth $5 million or more, and 42 deals were worth $10 million or more. We continue to see expansions with our existing customers, as our top 20 customers now average $75 million a year in trailing 12-month revenue, up 30% from a year ago. The impact our software is delivering for our customers as they cross the chasm is ever-widening their advantage over the AI have-nots.

We booked our highest T C V in HCV ever last quarter with $2 $3 billion in T C V and $684 million in ACB.

They make catastrophic errors. No human would ever make.

By contrast, our ontology is pure understanding concretized in software.

We closed a whopping 157 deals worth $1 million or more of which 66 deals worth $5 million or more and 42 deals where were $10 million or more.

This is reality not rhetoric.

An Enterprises are experiencing this reality keenly.

LLMs simply don't work in the real world without Palantir.

We continue to see expansions with our existing customers as our top 20 customers now averaged $75 million a year in trailing 12 month revenue up 30% from a year ago.

This is the reality feeling our growth.

We booked our highest tcv and ACV Everlast quarter with 2.3 billion in TV and 684 million in ACV.

The impact of our software is delivering for our customers as they cross the chasm is ever widening their advantage over the AI have nuts.

Citibank shared that the customer onboarding process and relevant Ky C and security checks that once took them nine days now takes seconds.

We closed a whopping 157 deals, worth 1 million, or more of which 66 deals were worth $5 million or more and 42 deals were worth 10 million or more.

Fannie Mae recently announced they are working with pelletier decreasing the time to uncover mortgage fraud from two months down to seconds saving in the U S housing market millions in future fraud losses.

We continue to see expansions with our existing customers as our top 20 customers. Now, average 75 million a year, in trailing 12-month Revenue up 30% from a year ago.

Nebraska Medicine, President and C. O O noted they saw 2100% increase in discharge lounge utilization, which is the equivalent of adding another unit to their hospital. They even noted quote we've been using the term Appel interior unit of time and that represents when we're driving value in less than an hour.

Ryan Taylor: Citibank shared that the customer onboarding process and relevant KYC and security checks that once took them nine days now take seconds. Fannie Mae recently announced they're working with Palantir, decreasing the time to uncover mortgage fraud from two months down to seconds, saving the US housing market millions in future fraud losses. Nebraska Medicine President and COO noted they saw a 2,100% increase in discharge lounge utilization, which is the equivalent of adding another unit to their hospital. They even noted, quote, "We've been using the term a Palantir unit of time, and that represents when we're driving value in less than an hour." Lear Corporation recently signed a five-year extension.

The impact. Our software is delivering for our customers, as they cross. The chasm is ever widening their advantage over. The AI Have Nots.

City Bank shared that the customer onboarding process and relevant kyc and Security checks that once took them 9 days. Now take seconds.

Lear Corporation recently signed a five year extension over the past two and a half years, they have leveraged foundry and AIP to support over 11000 users and more than 175 use cases, including proactively managing their tariff exposure automating multiple administrative workflows and dynamically bouncing their manufacturing lines there.

Fannie Mae recently announced that they're working with Palantir, decreasing the time to uncover mortgage fraud from two months down to seconds, saving the U.S. housing market millions in future fraud losses.

You highlighted that their enterprise wide adoption gives them quote a first mover advantage in the automotive industry, which will be difficult to replicate.

Nebraska medicine president. And coo noted they saw a 211% increase in discharge Lounge utilization which is the equivalent of adding another unit to their hospital. They even noted quote, we've been using the term, a pal unit of time and that represents when we're driving value in less than an hour.

Ryan Taylor: Over the past two and a half years, they have leveraged Foundry and AIP to support over 11,000 users and more than 175 use cases, including proactively managing their tariff exposure, automating multiple administrative workflows, and dynamically balancing their manufacturing lines. Their CEO highlighted that their enterprise-wide adoption gives them, quote, "a first-mover advantage in the automotive industry, which will be difficult to replicate." Our US commercial business exited Q2 with a 93% year-over-year and 20% sequential growth. Due to its acceleration, US commercial comprised 31% of our Q2 revenue versus 23% a year ago. We continue to focus on delivering AI production impact, evidenced by the strength of new starts and expansions at existing customers. We're seeing new starts with higher ambition, and existing customers expand their work at a faster rate.

Our U S commercial business exited Q2, with a 93% year over year and 20% sequential growth due to its acceleration U S. Commercial comprised 31% of our Q2 revenue versus 23% a year ago.

We continue to focus on delivering a production impact evidenced by the strength of new starts and expansions at existing customers.

Lear Corporation recently signed a 5-year extension over the past 2 and a half years. They have leveraged Foundry and AIP to support over 11,00 users and more than 175 use cases, including proactively managing their tariff. Exposure automating, multiple administrative workflows and dynamically bouncing their manufacturing lines, their CEO highlighted that their enterprise-wide adoption. Gives them quote a first mover advantage in the automotive industry which will be difficult to replicate.

We're seeing new starts with higher ambition and existing customers expand their work at a faster rate.

A health care company completed a bootcamp in April then signed an $88 million T. C V deal a month later to coordinate and automate patient care across facilities.

Our us Commercial Business exited Q2 with a 93% year-over-year and 20% sequential growth.

On American Telecom companies started working with us in 2022 and has increased their contract Tenex. Since then and is now projecting hundreds of millions in cost savings.

Due to its acceleration us commercial, comprised 31% of our Q2 Revenue versus 23% a year ago. We continue to focus on, delivering AI production impact. Evidenced by the strength of new starts and expansions at existing customers

Our U S government business grew 53% year over year, and 14% sequentially last quarter, driven by the impact we're delivering across civil Intel and defense, including Greenfield efforts.

Ryan Taylor: A healthcare company completed a boot camp in April, then signed an $88 million TCV deal a month later to coordinate and automate patient care across facilities. An American telecom company started working with us in 2022 and has increased their contract 10x since then and is now projecting hundreds of millions in cost savings. Our US government business grew 53% year-over-year and 14% sequentially last quarter, driven by the impact we're delivering across civil, intel, and defense, including greenfield efforts. US Space Force Space Systems Command awarded us a $218 million delivery order to support seamless, synchronized multi-domain warfighting for the space and air operational communities. The ceiling for our Maven Smart System contract was increased by $795 million to prepare for what they expect will be significant demand from combatant commands for our AI-powered software capabilities over the next four years.

We're seeing new starts with higher ambition and existing customers, expand their work at a faster rate.

A Healthcare Company completed. A boot camp in April then signed an 88 million. Tcv deal a month later to coordinate and automate patient care across facilities.

U S space for space systems command awarded US a $218 million delivery order to support seamless synchronized multi domain war fighting for the space and are operational communities. The.

An American telecom company started working with us in 2022 and has increased their contract 10x since then. They are now projecting hundreds of millions in cost savings.

The ceiling for our Mavens Smart system contract was increased by $795 million to prepare for what they expect will be significant demand from combatant commands for our AI powered suffered capabilities over the next four years.

Our US Government business grew 53% year-over-year and 14% sequentially last quarter driven by the impact. We're delivering across civil Intel and defense including Greenfield efforts.

Last week <unk> was awarded a 10 year enterprise agreement with the army totaling up to $10 billion consolidated 75 contracts into a single contract.

The U.S. Space Force's Space Systems Command awarded U.S. a $218 million delivery order to support seamless, synchronized multi-domain warfighting for the space and aerial operational communities.

The army is one of our longest standing customers.

Honored to embark on this next phase together.

We remain focused with deep.

Face of advantages over our adversaries.

Ryan Taylor: Last week, Palantir was awarded a 10-year enterprise agreement with the Army, totaling up to $10 billion, consolidating 75 contracts into a single contract. The Army is one of our longest-standing customers, and we are honored to embark on this next phase together. We remain focused with deep respect and dedication on equipping our warfighters with decisive advantages over our adversaries. Looking towards the back half of the year, my enthusiasm for our business is at an all-time high. With determination and persistence, we'll continue delivering exceptional AI production impact for our customers, running full speed at the critical challenges they entrust us to solve. I'll now turn it over to Shyam.

The ceiling for our Maven. Smart system. Contract was increased by 795 million to prepare for what they expect, will be significant, demand from combatant commands for our AI powered software capabilities over the next 4 years.

Looking towards the back half of the year my enthusiasm for our business is at an all time high with determination and persistence will continue delivering exceptional AI production impact for our customers running at full speed at the critical challenges they entrust us to solve.

Last week pallante was awarded a 10-year Enterprise agreement with the Army, totaling up to 10 billion dollars. Consolidating 75 contracts into a single contract.

The Army is 1 of our longest standing customers. We are honored to embark on this next phase together.

I'll now turn it over to Sean.

Thanks Ryan.

We remain focused with deep respect and dedication on equipping, our war Fighters with decisive advantages, over our adversaries.

Many years of grinding has built a unique mode in a massively our products were built for this moment and the numbers show it.

Realizing value from AI and the enterprise requires the elegant integration of Llm's workflow and software.

And that's only possible with ontology.

As airlines continue to improve it only further accelerates the value realization and therefore the value of our products.

Looking towards the back half of the year, my enthusiasm for our business is at an all-time high, with determination. Persistence will continue to deliver exceptional AI production impact for our customers, running full speed at the critical challenges they entrust us to solve.

Shyam Sankar: Thanks, Ryan. 20 years of grinding have built a unique mode and a massive lead. Our products were built for this moment, and the numbers show it. Realizing value from AI in the enterprise requires the elegant integration of LLMs, workflow, and software, and that's only possible with ontology. As LLMs continue to improve, it only further accelerates the value realization and therefore the value of our products. Our foundational investments in ontology and infrastructure have positioned us to uniquely deliver on the AI demand both now and in the world ahead. A substantial development over the last couple of quarters is the realization and acceleration of our vision of ontology web services as an architectural concept for our customers. AIP isn't just software our customers use; it's software our customers are building their software on.

I'll now turn it over to Sham.

Our foundational investments in ontology and infrastructure have positioned us to uniquely deliver on the AI demand both now and in the World ahead.

Thanks Ryan. 20 years of grinding has built a unique mode and a massive lead. Our products were built for this moment and the number is showing

Our substantial development over the last couple of quarters is the realization and acceleration of our vision of ontology web services as an architectural concept for our customers AIP isn't just software our customers use its software our customers are building their software on.

realizing value from AI in the Enterprise requires the alien integration of llms workflow and software.

And that's only possible with ontology.

As llms continue to improve it only further, accelerates the value realization.

Software companies are re platforming away from the highly underpin you needed services and building blocks of the hyperscale or stack onto AIP with its highly opinionated building blocks that get you to value 10 times faster.

our foundational investments in ontology and infrastructure, have positioned us to uniquely deliver on the AI, demand both now, and in the world ahead,

Chris Johnson, the co CEO of Tele tracking who recently re platform Don AIP said that he was flooded with inquiries from Ceos and C. I OS when he went public on his partnership with passenger re platforming on AIP has enabled customers to leapfrog the competition and beat them to market and this will continue to be both a significant area of investment on our <unk>.

Shyam Sankar: Software companies are replatforming away from the highly unopinionated services and building blocks of the hyperscaler stack onto AIP with its highly opinionated building blocks that get you to value 10 times faster. Chris Johnson, the co-CEO of Teletracking, who recently replatformed on AIP, said that he was flooded with inquiries from CEOs and CIOs when he went public on his partnership with Palantir. Replatforming on AIP has enabled customers to leapfrog their competition and beat them to market, and this will continue to be both a significant area of investment on our product roadmap and an accelerating growth opportunity for the business across commercial and government. I mentioned this last quarter. On their earnings calls, CEOs have been highlighting the transformative impact of AIP on their organizations. That trend continues, but also this quarter, you can hear from the frontline workers about the same transformation AIP is bringing them.

A substantial development over the last couple of quarters is the realization and acceleration of our vision of ontology web services, as an architectural concept. For our customers AIP isn't just software our customers use its software. Our customers are building their software on,

Roadmap and an accelerating growth opportunity for the business across commercial and government.

Software companies are replatforming away from the highly, unopened services and building blocks of the hyperscaler stack onto AIP with its highly opinionated building blocks that get you to value 10 times faster.

I mentioned this last quarter on their earnings calls Ceos have been highlighting the transformative impact of AIP on their organizations that trend continues but also this quarter you can hear from the frontline worker. It's about the same transformation AIP is bringing them.

It is giving the American worker superpowers at the all in winning the AI raise summit in D C and ICU nurse a factory worker a hospital administrator electric vehicle battery maintenance technician shared how AI is making them better faster and more productive giving them more time with patients more time solving problems and enabling more workers.

Chris Johnson the co-ceo of teletracking who recently replat on AIP said that he was flooded with increase from CEOs and cios, when he went public on his partnership with palantir replatforming on AIP has enabled customers to LeapFrog their competition and beat them to Market and this will continue to be both a significant area of investment on our product roadmap and an accelerating growth opportunity for the business Commercial and government.

To access the job market.

Shyam Sankar: AI is giving the American worker superpowers. At the All In Winning the AI Race Summit in DC, an ICU nurse, a factory worker, a hospital administrator, and an electric vehicle battery maintenance technician shared how AI is making them better, faster, and more productive, giving them more time with patients, more time solving problems, and enabling more workers to access the job market. Our investments in AI FD are accelerating the already eye-watering time to value for our customers and providing customers with capabilities to solve bigger and more complex problems independently. AI FD is designed to enable autonomous execution across a wide array of tasks, including creating and editing the ontology, building data transforms, creating functions, debugging issues, and building applications.

Our investments in AI, FD or accelerating the already eye watering time to value for our customers and providing customers with capabilities to solve bigger and more complex problems independently.

I mentioned this last quarter on their earnings calls. CEOs have been highlighting the transformative impact of AIP on their organizations that Trend continues but also this quarter you can hear from the Frontline workers about the same transformation. AIP is bringing them. AI is giving the American workers superpowers.

<unk> is designed to enable autonomous execution across a wide array of task, including creating and editing the otology building data transforms creating functions debugging issues and building applications with its own closed loop air handling Aif D can identify and correct issues and notify human users if needed.

At the all-in, winning the AI Summit in DC and ICU nurse a factory worker. A hospital administrator, an electric vehicle, battery, maintenance, technician shared, how AI is making them better faster and more productive. Giving them more time with patients, more time, solving problems and enabling more workers to access the job market.

And it's been designed for seamless collaboration with humans in the loop through integration with AIP branching.

Our investments in AIFD are accelerating the already shortened time to value for our customers and providing them with capabilities to solve bigger and more complex problems independently.

Warp speed, our modern manufacturing operating system built on AIP continues to deliver for our industrial customers from nuclear companies the defense industrial base.

Shyam Sankar: With its own closed-loop error handling, AI FD can identify and correct issues and notify human users if needed, and it's been designed for seamless collaboration with humans in the loop through integration with AIP's branching. Warp Speed, our modern manufacturing operating system built on AIP, continues to deliver for our industrial customers, from nuclear companies to the defense industrial base. With MRP Speed, a component of Warp Speed, one of our customers remarked that balancing the production line has shifted from one day to one hour. We have seen a dramatic set of opportunities open up in US shipbuilding as America gets serious about fixing its maritime industrial base. China built more ships last year than we have built cumulatively since the end of World War II. Now the mighty American engine of innovation is spinning up and tackling this problem head-on.

With MRP speed, a component of warp speed one of our customers remarked that balancing the production line has shifted from one day to one hour.

We have seen a dramatic set of opportunities open up in U S Shipbuilding as America get serious about fixing its maritime industrial base, China built more ships last year. Then we have built cumulatively since the end of World War II now the Mighty American engine of innovation is spinning up in tackling this problem head on.

Afd is designed to enable autonomous execution across a wide array of tasks, including creating and editing theology. Building data transforms creating functions, debugging issues and building applications with its own closed loop error. Handling aifd can identify and correct issues and notify human users, if needed, and it's been designed for seamless, collaboration with humans in the loop through integration with aip's branching.

Warp speed are modern manufacturing operating system built on AIP continues to deliver for our industrial customers from nuclear companies to the defense industrial base.

Maintenance Mark just a met its moment and recent operations of great importance may have an adoption continues to grow with usage doubling again since February last quarter I mentioned that usage doubled in the first nine months of 2024 and double again in the subsequent five months. This is on top of that.

With MRP speed a component of warp speed 1 of our customers. Remarked that balancing the production line has shifted from 1 day to 1 hour.

With that I'll turn it over to David to take us through the numbers.

Thanks, Sean.

We had an unprecedented second quarter, surpassing $1 billion of revenue in the quarter for the first time and delivering our highest rule 40 forever of 94.

Shyam Sankar: Maven Smart System met its moment in recent operations of great import. Maven adoption continues to grow, with usage doubling again since February. Last quarter, I mentioned that usage doubled in the first nine months of 2024 and doubled again in the subsequent five months. This is on top of that. With that, I'll turn it over to Dave to take us through the numbers.

We have seen a dramatic set of opportunities open up in U.S. shipbuilding. As America gets serious about fixing its maritime industrial base, China built more ships last year than we have built cumulatively since the end of World War II. Now, the mighty American engine of innovation is spinning up and tackling this problem head-on.

Q2 revenue growth accelerated to 48% year over year exceeding the high end of our prior guidance by nearly 1000 basis points and representing a 2100 basis point increase compared to the growth rate in Q2 of last year.

Maven smart system met its moment in recent operations of great import. Its adoption continues to grow, with usage doubling again. Since February last quarter, I mentioned that usage doubled in the first nine months of 2024 and doubled again in the subsequent five months; this is on top of that.

Dave Glazer: Thanks, Shyam. We had an unprecedented second quarter, surpassing $1 billion of revenue in a quarter for the first time and delivering our highest Rule of 40 score ever of 94. Q2 revenue growth accelerated to 48% year-over-year, exceeding the high end of our prior guidance by nearly 1,000 basis points and representing a 2,100 basis point increase compared to the growth rate in Q2 of last year. On the back of this continued strength, in the third quarter, we are guiding to a revenue of $1.085 billion, representing over 8% growth quarter over quarter, our highest ever sequential revenue growth guide, and 50% growth year-over-year. We are also raising our full-year 2025 revenue guidance midpoint to $4.146 billion, representing a 45% year-over-year growth rate, a 9-point increase over our full-year 2025 revenue guidance last quarter, and our largest ever full-year revenue guidance raise.

With that, I'll turn it over to Dave to take us through the numbers.

Thanks, Sean.

On the back of this continued strength in the third quarter, we are guiding to revenue of 1.085 billion, representing over 8% growth quarter over quarter, our highest ever sequential revenue growth guide and 50% growth year over year.

We had an unprecedented second quarter surpassing 1 million of Revenue in a quarter for the first time and delivering our highest rule of 40 score ever of 94.

We're also raising our full year 2025 revenue guidance midpoint to $4 146 billion, representing a 45% year over year growth rate of nine point increase over our full year 2025 revenue guidance last quarter, and our largest ever full year revenue guidance raise.

Q2 Revenue, growth accelerated to 48% year-over-year exceeding, the high end of our prior guidance, by nearly a thousand basis points, and representing a 2100 basis point increase compared to the growth rate in Q2 of last year.

We are also raising our full year U S commercial revenue guidance to in excess of 1.302 billion, representing a growth rate of at least 85% 17 points higher than the guidance. We gave just last quarter.

On the back of this continued strength, in the third quarter, we are going to reach revenue of $1.085 billion, representing over 8% growth quarter over quarter, our highest ever sequential revenue growth, and 50% growth year over year.

Accelerating demand for AIP continues to drive the outperformance in our U S business overall, which grew 68% year over year and 17% sequentially in the second quarter.

Dave Glazer: We are also raising our full-year US commercial revenue guidance to an excess of $1.302 billion, representing a growth rate of at least 85%, 17 points higher than the guidance we gave just last quarter. Accelerating demand for AIP continues to drive the outperformance in our US business overall, which grew 68% year-over-year and 17% sequentially in the second quarter. Our US commercial business grew 93% year-over-year and 20% sequentially, and our US government business grew 53% year-over-year and 14% sequentially. We delivered these outstanding top-line results as adjusted operating margin expanded to 46%, exceeding the high end of our prior guidance by nearly 300 basis points. Our revenue and profitability drove an 11-point sequential increase to our Rule of 40 score from 83 in the first quarter to 94 in the second quarter.

We are raising our full year 2025 Revenue. Guidance, midpoint to 4.146 billion representing 45% year-over-year, growth rate a 9-point increase over our full year 2025 Revenue, guidance, last quarter, and our largest ever. Full year Revenue, guidance rates

Our U S commercial business grew 93% year over year, and 20% sequentially and our U S government business grew 53% year over year and 14% sequentially.

We delivered these outstanding topline results as adjusted operating margin expanded to 46% exceeding the high end of our prior guidance by nearly 300 basis points.

We are also raising our full year. Us commercial Revenue, guidance to an excess of 1.302 billion. Representing a growth rate of at least 85% 17 points higher than the guidance. We gave just last quarter,

Our revenue and profitability drove an 11 point sequential increase to our rule of 40 score from 83 in the first quarter to 94 in the second quarter.

Accelerating demand for AIP continues to drive the outperformance, in our us business overall, which grew 68% year-over-year and 17% sequentially in the second quarter.

We continue to generate strong cash flow with second quarter, adjusted free cash flow of $569 million representing margin of 57%.

Turning to our global top line results second quarter revenue grew 48% year over year, and 14% sequentially to 1.004 billion second quarter U S revenue grew 68% year over year, and 17% sequentially to $733 million.

Ed to 46%, exceeding. The high end of our prior guidance, by nearly 300 basis points,

Our revenue and profitability drove an 11-point. Sequential increase to our rule of 40 score from 83 in the first quarter to 94 in the second quarter.

Dave Glazer: We continue to generate strong cash flow, with second quarter adjusted free cash flow of $569 million, representing a margin of 57%. Turning to our global top-line results, second quarter revenue grew 48% year-over-year and 14% sequentially to $1.004 billion. Second quarter US revenue grew 68% year-over-year and 17% sequentially to $733 million. Excluding the impact of revenue from strategic commercial contracts, second quarter revenue grew 49% year-over-year and 14% sequentially, and second quarter US revenue grew 68% year-over-year and 17% sequentially. Customer count grew 43% year-over-year and 10% sequentially to 849 customers. Revenue from our largest customers continues to expand. Second quarter's trailing 12-month revenue from our top 20 customers increased 30% year-over-year to $75 million per customer. Now moving to our commercial segment, second quarter commercial revenue grew 47% year-over-year and 14% sequentially to $451 million.

Excluding the impact of revenue from strategic commercial contracts second quarter revenue grew 49% year over year, and 14% sequentially and second quarter U S revenue grew 68% year over year, and 17% sequentially customer count grew 43% year over year, and 10% sequentially to 849 customers.

We continue to generate strong cash flow, with second quarter adjusted free cash flow of $569 million, representing a margin of 57%.

Revenue from our largest customers continues to expand second quarter trailing 12 months revenue from our top 20 customers increased 30% year over year to $75 million per customer.

Turning to our global topline results. Second quarter revenue grew 48% year-over-year and 14% sequentially to $1.004 billion. Second quarter U.S. revenue grew 68% year-over-year and 17% sequentially to $733 million.

Now moving to our commercial segment second quarter commercial revenue grew 47% year over year, and 14% sequentially to $451 million.

Excluding the impact of revenue from strategic commercial contracts. Second quarter Revenue group 49% year-over-year and 14% sequentially. And second quarter us Revenue, grew 68% year-over-year and 17% sequentially.

Excluding the impact from strategic commercial contracts second quarter commercial revenue grew 49% year over year and 14% sequentially.

Customer accounts grew 43% year-over-year and 10% sequentially to 80,049 customers.

We closed $1 1 billion and commercial TCP bookings, representing a 185% growth year over year.

Revenue from our largest customers continues to expand. In the second quarter of trailing 12-month revenue, revenue from our top 20 customers increased 30% year-over-year to $75 million per customer.

<unk> continues to drive existing customer expansions and new customer conversions in the U S second quarter U S. Commercial revenue grew 93% year over year, and 20% sequentially to $306 million <unk>.

Dave Glazer: Excluding the impact from strategic commercial contracts, second quarter commercial revenue grew 49% year-over-year and 14% sequentially. We closed $1.1 billion in commercial TCV bookings, representing 185% growth year-over-year. AIP continues to drive existing customer expansions and new customer conversions in the US. Second quarter US commercial revenue grew 93% year-over-year and 20% sequentially to $306 million. Excluding revenue from strategic commercial contracts, second quarter US commercial revenue grew 95% year-over-year and 20% sequentially. We had our strongest quarter of US commercial TCV booked at $843 million, representing growth of 222% year-over-year. Over the past 12 months, we closed $2.8 billion of US commercial TCV bookings, a 141% increase from the prior 12 months, highlighting the demand for AI production use cases. Total remaining deal value in our US commercial business grew 145% year-over-year and 20% sequentially.

Excluding revenue from strategic commercial contracts second quarter U S. Commercial revenue grew 95% year over year and 20% sequentially.

Now, moving to our commercial segment, second quarter commercial Revenue grew 47% year-over-year and 14% sequentially to 451 million. Excluding the impact from strategic commercial contracts, second quarter commercial Revenue grew 49% year-over-year and 14% sequentially.

We had our strongest quarter of U S commercial TCP booked at $843 million representing growth of 222% year over year.

We closed $1.1 billion in commercial TCV, representing 185% growth year-over-year.

As.

Over the past 12 months, we closed $2 8 billion of U S. Commercial <unk> bookings of 141% increase from the prior 12 months highlighting the demand for AI production use cases.

Quarterly U.S. commercial revenue grew 93% year-over-year and 20% sequentially to $306 million.

Total remaining deal value in our U S commercial business grew 145% year over year and 20% sequentially.

Excluding revenue from strategic commercial contracts, second quarter U.S. commercial revenue grew 95% year-over-year and 20% sequentially.

Our U S commercial customer count grew to 485 customers, reflecting growth of 64% year over year and 12% sequentially.

We had our strongest quarter of us commercial, tcv booked at 843 million represented, growth of 222% year-over-year.

Second quarter International commercial revenue declined 3% year over year and grew 2% sequentially to $144 million.

Over the past 12 months, we closed 2.8 billion of us commercial tcv. Bookings a 141% increase from the prior 12 months, highlighting, the demand for AI production, use cases,

For our international commercial business, we continued to capitalize on targeted growth opportunities in Asia Middle East and beyond we remain focused on accelerating the growth in our U S business.

Dave Glazer: Our US commercial customer count grew to 485 customers, reflecting growth of 64% year-over-year and 12% sequentially. Second quarter international commercial revenue declined 3% year-over-year and grew 2% sequentially to $144 million. For our international commercial business, we continue to capitalize on targeted growth opportunities in Asia, the Middle East, and beyond, but remain focused on accelerating the growth in our US business. Revenue from strategic commercial contracts was $5.1 million for the quarter. We anticipate third quarter 2025 revenue from these contracts to be between $2 to $4 million, compared to $10 million in the third quarter of 2024. We anticipate 2025 revenue from these contracts to be less than half of 1% of full-year revenue. Shifting to our government segment, second quarter government revenue grew 49% year-over-year and 14% sequentially to $553 million. Second quarter US government revenue grew 53% year-over-year and 14% sequentially to $426 million.

Total remaining deal value. In our us Commercial Business, grew, 145% year-over-year, and 20% sequentially.

Revenue from strategic commercial contracts was $5 1 million for the quarter, We anticipate third quarter 2025 revenue from these contracts to me between $2 million to $4 million compared to $10 million in the third quarter of 2024.

Our U.S. commercial customer account grew to 485 customers, reflecting growth of 64% year-over-year and 12% sequentially.

In the second quarter, international commercial revenue is expected to climb 3% year-over-year and grow 2% sequentially to $144 million.

We anticipate 2025 revenue from these contracts to be less than half of 1% of full year revenue.

Shifting to our government segment second quarter government revenue grew 49% year over year, and 14% sequentially to $553 million.

For international Commercial Business. We continue to capitalize on targeted growth opportunities in Asia, the Middle East and Beyond but remain focused on accelerating the growth in our us business.

Second quarter U S government revenue grew 53% year over year, and 14% sequentially to $426 million. This.

Revenue from strategic commercial contracts, with 5.1 million for the quarter. We anticipate third quarter of 2025 revenue from these contracts, to be between 2 to 4 million compared to 10 million in the third quarter of 2024.

This growth was driven by continued execution in existing programs and new awards, reflecting the growing demand for AI and our government software offerings.

Second quarter International government revenue grew 37% year over year, and 11% sequentially to $127 million bolstered primarily by our continued work in the UK.

We anticipate 2025 revenue from these contracts to less than half 1% full year shifting to our government segment, second quarter, government, revenue grew 49% year-over-year and 14% sequentially to 553 million.

We closed our highest ever quarter of TCP bookings at $2 3 billion up 140% year over year. This eclipses, our prior highest quarter of TCP bookings in Q4, 2024 by nearly half a billion dollars.

Dave Glazer: This growth was driven by continued execution in existing programs and new awards, reflecting the growing demand for AI in our government software offerings. Second quarter international government revenue grew 37% year-over-year and 11% sequentially to $127 million, bolstered primarily by our continued work in the UK. We closed our highest ever quarter of TCV bookings at $2.3 billion, up 140% year-over-year. This eclipses our prior highest quarter of TCV bookings in Q4 2024 by nearly half a billion dollars. Net dollar retention was 128% and increased to 400 basis points from last quarter. The increase was driven both by expansions at existing customers and new customers acquired in Q2 of last year, as we see the effect of the AI revolution.

Second quarter US government revenue grew 53% year-over-year and 14% sequentially to 426 million.

This growth was driven by continued execution, existing programs, and new awards reflecting the growing demand for AI and our government software offerings.

Net dollar retention was 128% an increase of 400 basis points from last quarter. The increase was driven both by expansions of existing customers and new customers acquired in Q2 of last year as we see the effect of the AI Revolution.

Second quarter, international government revenue, grew 37% year-over-year and 11% sequentially to 127 million bolstered primarily by our continued work in the UK.

As net dollar retention does not include revenue from new customers that were acquired in the past 12 months. It does not yet fully captured the acceleration and velocity in our U S business over the past year.

We closed our highest ever quarter of tcv bookings at 2.3 billion up 140% year-over-year. This eclipses our prior highest quarter of tcv bookings in Q4 2024 by nearly half a billion dollars.

We ended the second quarter was $7 1 billion and total remaining deal value an increase of 65% year over year, and 20% sequentially and $2 4 billion in remaining performance obligations and increase of 77% year over year and 27% sequentially. As a reminder, <unk> is primarily comprised of our commercial business as it does not take into.

Dave Glazer: As net dollar retention does not include revenue from new customers that were acquired in the past 12 months, it does not yet fully capture the acceleration in velocity in our US business over the past year. We ended the second quarter with $7.1 billion in total remaining deal value, an increase of 65% year-over-year and 20% sequentially, and $2.4 billion in remaining performance obligations, an increase of 77% year-over-year and 27% sequentially. As a reminder, our PO is primarily comprised of our commercial business, as it does not take into account contracts with an initial term of less than 12 months and contractual obligations that fall beyond termination for convenience clauses, both of which are common in most of our government business. Turning to margin and expense, adjusted gross margin, which excludes stock-based compensation expense, was 82% for the quarter.

Net dollar retention was 128% and increase of 400 basis points from last quarter, the increase was driven both by expansions that existing customers and new customers acquired in Q2 of last year. As we see the effect of the AI Revolution,

Account contracts with initial term of less than 12 months and contractual obligations that following on termination for convenience causes both of which are common in most of our government business.

Turning to margin and expense adjusted gross margin, which excludes stock based compensation expense was 82% for the quarter adjusted.

Adjusted income from operations, which excludes stock based compensation expense and related employer payroll taxes was $464 million, representing an adjusted operating margin of 46%.

<unk> adjusted expense was $539 million up 9% sequentially and 27% year over year, primarily driven by our continued investment in AIP and technical hiring.

Both of which are common in most of our government business.

Dave Glazer: Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes, was $464 million, representing an adjusted operating margin of 46%. Q2 adjusted expense was $539 million, up 9% sequentially and 27% year-over-year, primarily driven by our continued investment in AIP and technical hiring. While we expect adjusted operating margin to continue to expand for the second half of the year, as in prior years, we expect a significant ramp in expenses in the third quarter due to the seasonality of new hire starts. We remain committed to investing in the most elite technical talent, as well as a product pipeline and AI production use cases, all while delivering on our goals of sustained GAAP profitability. Second quarter GAAP operating income was $269 million, representing a 27% margin. Second quarter GAAP net income was $327 million, representing a 33% margin.

Turning to margin and expense adjusted gross margin, which excludes stock-based compensation. Expense was 82% for the quarter.

While we expect adjusted operating margin to continue to expand and for the second half of the year as in prior years, we expect a significant ramp in expenses in the third quarter to the seasonality of new hire starts we remain committed to investing in the most elite technical talent as well as the product pipeline and AI production use cases, all delivering on our goals of sustained GAAP.

Adjusted income from operations, which excludes stock-based compensation expense and related, employer. Payroll taxes was 464 million representing adjusted operating margin of 46%.

Stability.

Quarter GAAP operating income was $269 million, representing a 27% margin.

Q2 adjusted expense was $539 million, up 9% sequentially and 27% year-over-year. This was primarily driven by our continued investment in AIP and technical hiring.

Second quarter GAAP net income was $327 million, representing a 33% margin.

Second quarter stock based compensation expense was $160 million and equity related and employer payroll tax expense was $35 million.

Second quarter GAAP earnings per share was <unk> 13.

while we expect adjusted operating margin to continue to expand for the second half of the year. As in Prior years, we expect a significant ramp in expenses in the third quarter to the seasonality of new higher starts. We remain committed to investing in the most elite technical Talent as well as a product Pipeline and AI production, use cases all while delivering, on our goals of sustained Gap profitability,

Second quarter adjusted earnings per share was <unk> 16.

Second quarter Gap. Operating income was 269. Million representing a 27% margin.

Additionally, our combined revenue growth and adjusted operating margin accelerated to 94% in the second quarter and 11 point increase to our rule of 40 score from the prior quarter and our eighth consecutive quarter of an expanding rule of 40 score.

Dave Glazer: Second quarter stock-based compensation expense was $160 million, and equity-related employer payroll tax expense was $35 million. Second quarter GAAP earnings per share was $0.13. Second quarter adjusted earnings per share was $0.16. Additionally, our combined revenue growth and adjusted operating margin accelerated to 94% in the second quarter, an 11-point increase to our Rule of 40 score from the prior quarter and our eighth consecutive quarter of an expanding Rule of 40 score. With the increase in our 2025 revenue and adjusted operating income guidance, we are now guiding to a Rule of 40 score of 91% for the full year. Turning to our cash flow, in the second quarter, we generated $539 million in cash from operations and $569 million in adjusted free cash flow, representing margins of 54% and 57% respectively.

Second quarter, gaap. Net income was 327 million. Representing a 33% margin.

Second quarter, stock-based compensation, expense was 160 million, and Equity related in employer. Payroll tax expense was 35 million.

With the increase in our 2025 revenue and adjusted operating income guidance. We are now guiding to a rule of 40 score of 91% for the full year.

Second quarter Gap, earnings per share was 13 cents.

Second quarter adjusted earnings per share was 16 cents.

Turning to our cash flow.

In the second quarter, we generated $539 million in cash from operations and $569 million and adjusted free cash flow representing margins of 54% and 57% respectively.

Additionally, our combined revenue growth and adjusted operating margin accelerated to 94% in the second quarter, with an 11-point increase to a Rule of 40 score from the prior quarter. This marks our eighth consecutive quarter of an expanding Rule of 40 score.

Through the end of the second quarter, we repurchased approximately two 5 million shares as part of our share repurchase program.

As of the end of the quarter, we had 899 million remaining of the original authorization. We ended the quarter with $6 billion in cash cash equivalents and short term U S Treasury Securities.

With the increase in our 2025 revenue and adjusted operating income guidance. We are now guiding to a rule of 40 score of 91% for the full year.

Turning to our cash flow.

Now turning to our outlook for Q3 2025, we expect revenue of between 1.083, and 1.087 billion and adjusted income from operations of between 493 and $497 million.

Dave Glazer: Through the end of the second quarter, we repurchased approximately 2.5 million shares as part of our share repurchase program. As of the end of the quarter, we have $899 million remaining of the original authorization. We ended the quarter with $6 billion in cash, cash equivalents, and short-term US Treasury securities. Now turning to our outlook, for Q3 2025, we expect revenue of between $1.083 and $1.087 billion and adjusted income from operations of between $493 and $497 million. For full year 2025, we are raising our revenue guidance to between $4.142 and $4.150 billion. We are raising our US commercial revenue guidance to an excess of $1.302 billion, representing a growth rate of at least 85%. We are raising our adjusted income from operations guidance to between $1.912 and $1.920 billion.

In the second quarter, we generated 539 million in cash from operations and 5669 million in adjusted free cash. Flow representing margins of 54% and 57% respectively.

Through the end of the second quarter. We repurchased approximately 2.5 million shares as part of our share repurchase program.

For full year 2025, we are raising our revenue guidance to between four <unk> and $4 150 billion, we're raising our U S. Commercial revenue guidance to an excess of 1.302 billion, representing a growth rate of at least 85%.

As of the end of the quarter, we have 899 million remaining of the original authorization.

We ended the quarter. It was 6 billion in cash, cash, equivalents and short-term US Treasury securities.

We are raising our adjusted income from operations guidance to between $1 91, two and one 920 billion.

Now, turning to our outlook for Q3 2025, we expect revenue of between 1.083, and 1.087 billion, and adjusted income from operations, of between 493 and 497 million.

We are raising our adjusted free cash flow guidance to between one point and $2 billion.

And we continue to expect GAAP operating income and net income in each quarter of this year with that I'll turn it over to Alex for a few remarks, and then onno will kick off the Q&A.

For full year 2025, we are raising our Revenue guidance to between 4.142 and 4.150 billion.

We are raising our U.S. commercial revenue guidance to an excess of $1.302 billion, representing a growth rate of at least 85%.

Well as usual I've been cautioned to be a little modest about our bombastic numbers, but it's honestly theres no authentic way to be anything but.

Dave Glazer: We are raising our adjusted free cash flow guidance to between $1.8 and $2 billion, and we continue to expect GAAP operating income and net income in each quarter of this year. With that, I'll turn it over to Alex for a few remarks, and then Ana will kick off the Q&A.

We're raising our adjusted income from operations guidance to between $1.912 billion and $1.920 billion.

We're raising our adjusted free cash flow, guidance to reaching 1.8 and 2 billion.

Have enormous pride.

And.

Gratefulness about these extraordinary numbers now when you look obviously looking numbers as numbers and what do they mean, so if you take I would say.

And we continue expect Gap, operating income and net income in each quarter of this year.

With that, I'll turn it over to Alex for a few remarks and then Anna will kick off the Q&A.

Alex Karp: Well, as usual, I've been cautioned to be a little modest about our bombastic numbers, but it's honestly, there's no authentic way to be anything but have enormous pride and gratefulness about these extraordinary numbers. Now, when you're obviously looking at numbers, there's numbers and what do they mean? So if you take, I would say, the truly once-in-a-generation number of 93% growth in US comms off of a large base or even 53% growth in USG, which is astonishing, even though obviously it shows where the government is downstream from general trends in AI, or the 68% growth in the US, you still have to say, you know, why are these numbers even more astonishing than they appear? Well, obviously you would look at what is the meaning of the number, and the Rule of 40 basically tells you the meaning of the number.

The truly once in a generation number of 93% growth in the U S come off of a large base or even 53% growth in USG, which is.

Astonishing, even though obviously it shows where the government is downstream from general trends in AI or the 68% growth in the U S.

You still have to say.

Why are these numbers.

Even more astonishing and they up here.

Well, obviously you would look at what is the meaning of the number and the rule of 40 basically tells you the meaning of the number and if that number is somewhere in the $50 $60 70, that's pretty boller when it's the single most impressive number.

Um, well as usual, I've been cautioned to be a little modest about our bombastic numbers but it's honestly, there's no authentic way to be anything but at Pro have enormous Pride uh and um, gratefulness about these extraordinary numbers. Now, when you look obviously looking at numbers, there's numbers and what do they mean? So if you take, I would say, uh, the truly once in a generation number of 93% growth in US calm off of a large base or even 53% growth in USG, which is

Think any enterprise software company has ever seen theres, something anomalous going on and obviously the prediction that all the all all the attendees would be downstream from the value. So it would be chips in ontology is is being proven not as a thesis, but as a reality.

Alex Karp: And if that number is somewhere in the 50s, 60s, 70s, that's pretty baller. When it's the single most impressive number I think any enterprise software company's ever seen, there is something anomalous going on. And obviously, the prediction that all the 10Ds would be downstream from the value, so it would be chips in ontology, is being proven, not as a thesis, but as a reality. But then you would obviously ask, well, what is the base? We're now working off of a very large base, getting to a, you know, we did our billion dollar, so it's a very significant run rate. But then I would say, if you look at a kind of more qualitative version of Palantir, we did this with no compromise in terms of what we believe.

But and then you would obviously ask well what is the base. We're now working off of a very large base getting to you know we did a $1 billion, so which is very significant run rate.

And but then I would say if you look at it kind of more qualitative version of pound here. We did this with no compromise in terms of what we believe we still believe America is the leader of the free World that the West has superior that we have to fight for these values that we should give American corporations and most importantly, our government an unfair advantage.

<unk>, we've demonstrated in every area in arena of American life in International life that we do deliver an unfair advantage for our allies, our friends and our compatriots.

A astonishing even though obviously it shows, we're, uh, the government is Downstream from, uh, General Trends in AI or the 68% growth in the US. Um, you still have to say, you know, why are these numbers, uh, even more astonishing than they appear? Well, obviously you would look at what, what is the meaning of the number? And the rule of 40, basically tells you the meaning of the number. And if that number is somewhere in the 50, 60, 70s, that's pretty baller. When it's the single most impressive number. I, I think any Enterprise software companies ever seen, there is something anomalous going on. And obviously the prediction that all the all, all the attendees would be Downstream from the value, so it would be chips. And ontology is, is being proven, uh, not as a thesis, but as a reality. Um, but and then you would obviously ask well, what is the base? We're, we're now working off of a very large base getting to a, you know, we did our billion dollars. So it's a very significant run.

Rate. Um,

Alex Karp: We still believe America is the leader of the free world, that the West is superior, that we have to fight for these values, that we should give American corporations, and most importantly, our government, an unfair advantage. We've demonstrated in every area and arena of American life and international life that we do deliver an unfair advantage for our allies, our friends, and our compatriots. We have done this by creating a company where every single component is value accretive. There are almost no parasitic elements to this company. We have a small sales force. We have very little BS internally. We have a flat hierarchy. We have the most qualified and interesting people, heterodox in their beliefs. We have an orchestration engine that deploys for deployed engineers everywhere, a model that everyone despised and disdained until literally a quarter ago and thought would lead to a low multiple.

We have done this by creating a company where every single component is value accretive there are almost no parasitic elements in this company. We have a small sales force we have very little B S. Internally, we have a flat hierarchy. We have the most qualified interesting people heterodox and their beliefs.

We are we have an orchestration engine that deploys four deployed engineers everywhere, a model that everyone despised and disdain until literally a quarter ago and thought would lead to.

A low multiple.

Yes, you are wrong.

We have we have a series of products that are on the frontline, most notably ontology, but also foundry and maven.

And this is a confluence is the perfect time for <unk> and I would also say at the risk of saying the obvious. This is a perfect time for a revolution in the United States of America, We're very very bullish on America, we have some really crucial and important clients internationally large clients our commercial clients in Europe and also Gulf.

Then I would say if you look at a kind of more qualitative version of palantir, we did this with no compromise in terms of what we believe. We still believe America is the leader of the Free World that the West is superior that we have to fight for these values that we should give American corporations, and most importantly, our government, uh, an unfair Advantage. We've demonstrated in every area, an arena of American life and international life that we do deliver an unfair Advantage for our allies, our friends, and our compatriots. Um, we have done this by creating a company where every single component is value accretive. There are almost no parasitic elements to this company. We have a small sales force, we have very little BS internally. We have a flat hierarchy, we have the most qualified and interesting people, uh, heterodox in their beliefs. Um, we uh, we have an orchestration engine that deploys for deployed Engineers everywhere, a model that everyone despised and disdained until literally

Alex Karp: Guess you were wrong. We have a series of products that are on the front line, most notably ontology, but also Foundry and Maven. And this is a confluence. This is the perfect time for Palantir. And I would also say, at the risk of saying the obvious, this is a perfect time for a revolution in the United States of America. We are very, very bullish on America. We have some really crucial and important clients internationally, large clients, commercial clients in Europe, and also government clients outside of America that we're proud of. But this is an American revolution. It's being led by ontology and chips, and also to some extent, large language model providers. We are also anomalously bullish on all aspects of American life, including and especially people in the blue collar.

a quarter ago and thought would lead to, um, a low multiple

<unk> clients outside of America that we're proud of but this isn't the American Revolution, it's being led by ontology and chips and also to some extent large language model providers.

We are also anomalously bullish on all aspects of American life, including and especially people in the blue collar, we're going to charm and others or <unk>.

Guess you're wrong. Um we have and we have a series of products that are on the front line, most notably uh ontology but also Foundry in Maven. Um and this is a Confluence, this is the perfect time for pallet are and I would also say at the risk of saying the obvious, this is a perfect time for a revolution in the United States of America. Uh, we are very, very bullish on America. Uh, we have some really cool

Leading.

Our charge to.

Arm, the working class, where blue collar workers with AI agency enhancing skills AI is an agency enhancing revolution, our numbers show that.

We've seen on the frontline in the in the United States government that people with less than a college education are creating a lot value and sometimes more value than people with a college education using our product. We're also going to reach out to labor leaders and help them organize ways that our workers can earn AI enhanced earnings.

Alex Karp: We're going to, Shyam and others are leading our charge to arm the working class, blue collar workers, with AI agency-enhancing skills. AI is an agency-enhancing revolution. Our numbers show that. We've seen on the front line in the United States government that people with less than a college education are creating a lot of value, and sometimes more value than people with a college education, using our product. We're also going to reach out to labor leaders and help them organize ways that workers can earn AI-enhanced earnings. And then, but in general, what you see in our numbers, and the reason it's so successful, is our clients and partners are downstream from our unit economics, and they want our unit economics.

And and then but in general what you see in our numbers and the reason it's so successful.

Is our clients and partners are downstream from our unit economics, and they want our unit Omics and we are teaching them ways in which to work both cultural and with our products that will allow them to get unit economics that look like 90, 490, 368 53, respectively. Those numbers are.

Crucial and important clients internationally, large clients commercial clients in Europe and also government clients outside of America that were proud of. But this is an American Revolution, it's being led by ontology and chips and to also, to some extent large language model providers. Um, we are also anonymously bullish on all aspects of American life, including and especially people in the blue collar. We're going to Sham and others are, uh, leading, uh, our charge to, uh, arm the working class. We're blue collar workers with AI, uh, agency enhancing skills. AI is an agency enhancing Revolution. Our numbers show that. Um, we've seen on the front line in the, in the United States government that people with less than a college, education are creating a lot value. And sometimes more value than people with a college education, using our product. We're also going to reach out to labor leaders and help them organize, uh, ways that uh,

Our astonishing incredible and we're planning to share them with our partners via exposing them to a way in which to work in an AI revolution. So that they have the same kind of agency, we do I run around U S commercial tailing corporate leaders if.

Workers can earn AI, enhanced earnings, um, and and then but in general, what you see in our numbers and the reason it's so successful.

Alex Karp: And we are teaching them ways in which to work, both cultural and with our products that will allow them to get unit economics that look like 94, 93, 68, 53, respectively. Those numbers are astonishing and incredible, and we're planning to share them with our partners via exposing them to a way in which to work in an AI revolution so that they have the same kind of agency we do. I run around US commercial telling corporate leaders, if you want to have your First Amendment rights to an opinion again, get our unit economics, and then you too can say things that are true in public like we do. It's very motivating to people and very motivating to us.

If you want to have your first amendment rights to an opinion again get our unit economics, and then you too can say things that are true in public like we do it's very motivating people and very motivating to us. So thank you for all of our supporters and should.

We should entertain questions, but this is a once in a generation.

Truly anomalous quarter.

Is our clients and partners are Downstream from our unit economics and they want our economics and we are teaching them ways in which to work both cultural and with our products that will allow them to get unit economics that look like 94 936853 respectively. Those numbers are astonishing incredible and we're planning to share them with our partners via exposing them to a way in which to work in an AI Revolution so that they have the same kind of agency. We do I run around us commercial telling corporate leaders.

And we're very proud and or sorry that are haters disappointed but.

There are many more quarters to be disappointed and we're working on that too.

Thanks, Alex we'll now turn to questions from our shareholders before opening up the call.

Alex Karp: So thank you for all of our supporters, and we should entertain questions, but this is a once-in-a-generation, truly anomalous quarter, and we're very proud, and we're sorry that our haters are disappointed, but there are many more quarters to be disappointed, and we're working on that too.

We received a question from Cristina who asks beyond just using allo and how is palin coeur, making AI more useful for frontline workers and decision makers not just data scientists.

Well. Thanks, Kristina, yes, there is a surprising amount of tumors and that comes out of the Ivory tower. The folks who are doing AI research. We spent all of our time at the frontline with the factory worker in the fire sale and Dubai could not be more different what we observe is that AI is giving the American worker superpowers look at the nurses in the ICU.

Ana Soro: Thanks, Alex. We'll now turn to a question from our shareholders before opening up the call. We received a question from Christina, who asks, beyond just using LLMs, how is Palantir making AI more useful for frontline workers and decision makers, not just data scientists?

If you want to have your first amendment rights to an opinion again, get our unit economics, and then you too can say things that are true in public. We do people and very motivating to us. So thank you for all of our supporters and um, we should we should entertain questions. But this is a once in a generation uh, truly anomalous quarter. Uh, and we're very proud and we're sorry that, you know, our haters are disappointed, but there are many more quarters to be disappointed and we're working on that too.

Thanks, Alex. We'll now turn to a question from our shareholders before opening up the call.

More time to spend with their patients less time lunging around collecting the clinical notes understand what care to deliver or the factory workers in the submarine industrial base, who get back three days of quoting apart to actually spend time solving problems in production, perhaps the use case that I'm most excited about around Panasonic energy make electric deal.

Shyam Sankar: Well, thanks, Christina. You know, there's a surprising amount of doomerism that comes out of the ivory tower, the folks who are doing AI research. We spend all of our time at the front line with the factory worker in the fire cell, and the vibe could not be more different. What we observe is that AI is giving the American worker superpowers. Look at the nurses in the ICU who have more time to spend with their patients, less time munching around, collecting the clinical notes to understand what care to deliver, or the factory workers in the submarine industrial base who get back three days of quoting a part to actually spend time solving problems in production.

We received a question from Christina who asks, Beyond just using llms, how is palantir making AI more useful for Frontline workers and decision makers? Not just data scientists.

<unk> actually being able to develop AI to train their workers to manage this exquisite high end Japanese technology, where the background of the workers is casinos.

This is this is job expanding its empowering to Alex's point, its really pro agency pro creativity.

Shyam Sankar: And perhaps the use case that I'm most excited about around Panasonic Energy, where they make electric vehicle batteries, actually being able to develop AI to train their workers to manage this exquisite high-end Japanese technology where the background of the workers is casinos. And I think this is job expanding. It's empowering. To Alex's point, it's really pro-agency, pro-creativity, and that's a big reason why we've leaned into creating the American Tech Fellowship. Our lived experience is that some of those creative AI applications are coming from the blue collar worker, the autodidact that has a little bit of self-taught knowledge, not the classically trained computer scientist, not just using AI, but more importantly, building AI applications that are changing their business. We want to find these people. We want to empower them, credential them, put them through the training, and unleash them on the American economy.

And that's a big reason why we've leaned into creating the American textile ship our lived experience that some of those creative AI applications are coming from the blue collar worker. The autodidact that has a little bit of self taught knowledge not classically trained computer scientists not just using AI, but more importantly building AI applications that are changing their business we want to.

Find these people want to empower them credential, then put them through the training and unleash them on the American economy.

Thank you Sean our next question is from Dan with Wedbush, Dan. Please turn on your camera and then you'll receive a prompt on mute your line.

Thank you.

Sure.

I'm, sorry, also the heaters are and satisfy but.

Ana Soro: Thank you, Shyam. Our next question is from Dan with Wedbush. Dan, please turn on your camera, and then you'll receive a prompt to unmute your line.

Can you can you just hit on Youre basically doing this with our direct sales force.

It's it's empowering to Alex's point. It's really Pro agency Pro creativity and that's a big reason why we've leaned into creating the American Tech Fellowship. Uh, our lived experience is that some of those creative AI applications are coming from the blue collar worker. The autodidact that has a little bit of self taught knowledge, not the classically trained computer scientist, not just using AI, but more importantly, building AI applications that are changing their business. We want to find these people. We want to empower them, credential them, put them through the training and unleash them on the American economy.

Thank you, Sean.

Still like are you going to go down that path or just going to be.

Our next question is from Dan with wedbush Dan. Please turn on your camera and then you'll receive a prompt to unmute your line.

Prudently going down just given the type of growth Youre seeing can you just like walk through how youre thinking about that just given the massive success youre, having essentially no direct sales force.

Daniel Ives: Thank you. And I'm sorry also that the haters aren't satisfied, but look, can you just hit on, you're basically doing this without a direct sales force. So like, are you going to go down that path, or it's just going to be, you know, prudently going down, just given the type of growth you're seeing? Can you just like walk through how you're thinking about that, just given such the massive success you're having, essentially with no direct sales force?

Thank you. And, uh,

Those of you are new to <unk>.

One of the many many controversial we were doomed to failure decisions, we made was that.

I'm I'm sorry also that the the haters are on task side but, um, look, can you can, can you just hit on you're basically doing this without a direct sales force?

We rejected an idea of like basically the way software is often done useless product that becomes parasitic you can't get rid of it and you have 1000 steak dinners. All convinced you buy something is useless you can't get rid of and.

Alex Karp: Yeah, you know, for those of you who are new to Palantir, one of the many, many controversial, we were doomed to failure decisions we made was that we rejected an idea of like, you know, basically the way software is often done, useless product that becomes parasitic, you can't get rid of it, and you have a thousand steak dinners, all convincing you to buy something that's useless you can't get rid of. And we believed that we would always be downstream from the value we create, and we would be able to capture that value. And if you look how this company is organized in government and commercial, it is all built around those ideas, including internal orchestration, including our flat hierarchy, including the products we deliver.

We believed that we would be always be downstream from the value create and we would be able to capture that value and if you look how this company is organized in government and commercial it is all built around those ideas, including internal orchestration, including our fan flight <unk>, including the products, we deliver our primary sales force now and I think likely in the.

So like are you going to go down that path or it's just going to be, you know, prudently, going down and just giving the type of growth you're seeing. Can you just like walk through how you're thinking about that? Just giving such a massive success you're having essential with no direct sales. Yeah, you know, for those of you who are new to balance here, um, 1 of The Many, Many controversial. We were doomed, to failure decisions we made was that, um, we rejected an idea of like, you know, basically, the way soft

Future are going to be current customers, telling other customers. If you want this to work.

Software is often done useless product, that becomes parasitic, you can't get rid of it and you have a thousand. Steak, dinners all convincing you buy, something is useless, you can't get rid of. And um,

Bring them in and listen to how they orchestrate their culture inside your culture with their products and it's not that we won't have direct salespeople, but we need what's really helping us now is the increased credibility. So that people use more of our product on day, one so that theyre not huge.

Alex Karp: Our primary sales force now, and I think likely in the future, are going to be current customers telling other customers, if you want this to work, bring them in and listen to how they orchestrate their culture inside your culture with their products. And it's not that we won't have direct salespeople, but we need, what's really helping us now is the increased credibility so that people use more of our product on day one, so that they're not using the Foundry product of three years ago. They're really aspiring to what can be done with ontology and large language models and our FDE structure. And the disadvantage of this is, yeah, you don't have 10,000 people roaming around selling something they don't understand. But the advantage is we go from, once we come in the door, we come in with enormous credibility.

In foundry the foundry products of three years ago, there really aspiring to what can be done with ontology and large language models and our FTE structure and disadvantage of this is you don't have 10000 people roaming around selling something that don't understand but the advantage is we go from once we come in the door.

We believed that we would always be downstream from the value you create, and we would be able to capture that value. If you look at how this company is organized in government and commercial, it is all built around those ideas, including internal orchestration, including our flat hierarchy, including the products we deliver. Our primary sales force now, and I think, like, in the future, are going to be current customers telling other customers, "If you want this to work."

Or are we coming with enormous credibility. So the person we're selling to believes we will make them a lot of money save them expenses or we will make their soldiers safer and more lethal and they believe it because they've heard it from someone they trust <unk> in the U S. Economy. There are a lot of people that go from one job to the next so that somebody we meet them.

One place very likely will be somewhere else in a year or two and the first call. We get and in fact I was just doing a customer a customer call partner call were very early with these people. The story was hey, I got blocked at my last enterprise. They wouldn't let me by foundry I've been following foundry and now ontology first call was to us and.

Alex Karp: So the person we're selling to believes we will make them a lot of money, save them expenses, or we will make their soldiers safer and more lethal. And they believe it because they've heard it from someone they trust, and/or in the US economy, there are a lot of people that go from one job to the next. So that somebody we meet in one place very likely will be somewhere else in a year or two, and the first call we get, in fact, I was just doing a customer call, partner call. We're very early with these people. The story was, hey, I got blocked at my last enterprise. They wouldn't let me buy Foundry. I've been following Foundry and now ontology. First call was to us.

Bring them in and listen to how they orchestrate their culture inside your culture with their products. And it's not that we won't have to direct sales people but we need, what's really helping us now is to increase credibility so that people use more of our product on day 1 so that they're not using Foundry. The Foundry product of 3 years ago. They're really aspiring to what can be done with ontology and large language models and our FD structure. And and the the the disadvantage of this is, yeah. You don't have 10,000 people roaming around selling something, they don't understand. But the advantage is we go from. Once we come in the door, we come in with an enormous credibility. So the person we're selling to believes, we will make them a lot of money, save them expenses or we will make their soldiers safer and more lethal. And they believe it because

That then when the meetings and meetings have shifted from Hey, we may not know how to use you to very much tell us how we could create the kind of leverage you have.

And that that's why these numbers are going up at the top end and at the bottom end, because we're coming in with a different kind of credibility in leverage so.

Or in the near future.

Alex Karp: And that, then when the meetings, the meetings have shifted from, hey, we may not know how to use you to very much tell us how we could create the kind of leverage you have. And that's why these numbers are going up at the top end and at the bottom end, because we're coming in with a different kind of credibility and leverage. So in the near future, the 10x revenue we are going to get in the US over the next, in my view, next five years. But certainly what we forecasted for this year, it's really people saying, wow. I mean, and then you have people, and then everyone talks about us on the earnings calls. So like when you see AIG or others saying, I believe I can dramatically change my business at a lower cost.

<unk> revenue, we're going to get in the U S over.

Over the next and Michael My view next five years, but certainly what we've forecasted for this year, it's really people, saying Wow I mean, and then you have and then everyone talks about it on the earnings calls so like when you see AIG or others, saying I believe I can dramatically change my business at a lower cost.

Because they've heard it from someone, they trust Andor in the US economy. There are a lot of people that go from 1 job to the next. So that somebody we meet in 1 Place, very likely will be somewhere else in the year or 2 and the first call we get. And in fact, I was just doing a customer uh, customer call partner called. We're very early with these people, the story was, hey, I got blocked at my last Enterprise, they wouldn't let me buy Foundry, I've been following Foundry. And now ontology, first call was to us. And that then the meetings have shifted from. Hey, we may not know how to use you to very much. Tell us how we could create the kind of Leverage you have.

and and that, that's why these numbers are going up at the top end, and at the bottom end because we're coming in with a different, kind of credibility and leverage, so,

CEO CIO chief revenue officers the whole group are like get them on the phone and this just makes our whole thing easier because we do not have time or interest in spending all the time, we did in the past starting from complete ignorance, we're starting from a much higher level and then the higher left.

<unk> allows us to ratch it up so that.

Alex Karp: You know, CEOs, CIOs, chief revenue officers, the whole group are like, get them on the phone. And this just makes our whole thing easier because we do not have time or interest in spending all the time we did in the past, starting from complete ignorance. We're starting from a much higher level, and then the higher level allows us to ratchet up. So that's going to be what we're going to do. Obviously, we're going to continue. Samir and others and Cam have built a very small, nimble sales force. We have people who've been here for a long time doing very large deals. We have Ryan, who's doing this, organizing the contracts full time. But I mean, I'll let Ryan speak this.

Our in the near future. The the 10x Revenue, we are going to get in the US, uh, over the next in my book, my view next 5 years, but certainly what we forecasted for this year. It's really people saying. Wow, I mean, and then you have people and then everyone talks about this on the earnings calls. So like when you see egg or others saying, I believe, I can dramatically change my business at a lower cost.

That's going to be what we're going to do obviously, we're going to continue Sameer and others and Cam at built a a very small nimble salesforce. We have people who've been here for a long time doing very large deals we have Ryan who's.

Doing this organizing the contracts full time, but I mean I'll, let Ryan speak this the leverage we have in these calls I don't mean leverage just financial the leverage to create the value that is upstream of what we get paid we are very focused on the value creation and then collecting later.

You know, CEO cio's, Chief Revenue officers. The whole group are like get them on the phone and this just makes our whole thing easier because we do not have time or interest in spending all the time we did in the past, starting from complete ignorance. We're starting from a much higher level and then the the higher level allows us to ratchet up. So

And what we're seeing is like the the leadership of our customers are coming to us, saying, how do we what we're.

Seeing it start more quickly expand more cookie and expand deeper and they're coming to us now at the beginning and saying how do we roll this across.

Alex Karp: The leverage we have in these calls, I don't mean leverage just financial, the leverage to create the value that is upstream of what we get paid. We are very focused on the value creation and then collecting later.

The whole enterprise and then how do we have any more experimental because we were at a big customer and then it's like look we'll do this in this side of the contract why don't you, let us do the rest I won't just see the value.

Shyam Sankar: Yeah, and what we're seeing is like the leadership of our customers are coming to us saying, how do we, we're seeing it start more quickly, expand more quickly, and expand deeper. And they're coming to us now at the beginning saying, how do we roll this across the whole enterprise?

Organizing the contracts full-time. But I mean, I'll let Ryan speak this. The Leverage we have in these calls. I don't mean leverage just Financial The Leverage to create the value that is Upstream of what we get paid. We are very focused on the value creation and then collecting later,

See the value will discuss it later.

Yeah.

And then this is yet another advantage America has that we underestimate. It's so plastic if you compare America to say, Germany, the way in which they build industry.

Alex Karp: And they're wanting to be more experimental because, you know, we were at a big customer and it's like, look, we'll do this and this side of the contract. Why don't you let us do the rest and we'll just see the value? You know, see the value. We'll discuss it later. Yeah, and then this is yet another advantage America has that we underestimate. It's so plastic. If you compare America to, say, Germany, the way in which they build industry, they purchase software, they judge software, there's a pattern that is etched in stone there. But in America, people are very open to value creation and they're under more pressure. And also, people inside the company have more upside in the company. They have more equity. They want things that work. They don't want theory.

Industry, they purchase software they judge software.

There's a there's a pattern that is etched in stone there, but in America people are very open to value creation and they are under more pressure and also people inside the company have more upside in the company. They have more equity they want things that work they don't want theory.

Yeah. And what we're seeing is like the the leadership of our customers are coming to us saying, how do we what we're seeing it start more quickly, expand more quickly, and expand deeper and they're coming to us now at the beginning saying, how do we roll This across the the whole Enterprise and how do we be more experimental? Because, you know, we were at a big customer and it's like, look, we'll do this in this side of the contract. Why don't you let us do the value. We'll discuss it later.

Thank you Bill. Our next question is from Mariano with Bank of America Marianna. Please turn on your camera and then you'll receive a prompt on mute your line.

Good afternoon, everyone.

Greetings.

Okay.

I have two questions.

One on the AI action plan that the White house put out a couple of weeks ago, you'll have been part of this process. We commendations what excites you the most and what do you think there is.

Um, the the um, yeah. And and then this is yet another Advantage. America has that we underestimate its so plastic. If you compare America to say Germany, the the way in which they build in Industry, they purchase software, they judge software. They, there's a, there's a pattern that is etched in stone there, but in America people are very open to Value creation and there are under more pressure and also people inside the company have more upside in the company, they have more Equity. They want things that work. They don't want Theory.

Ana Soro: Thank you both. Our next question is from Mariana with Bank of America. Mariana, please turn on your camera and then you'll receive a prompt to unmute your line.

Still work to do and the second one is about talent because to make sure that you are part of that are the dominant software of the future you have to make sure that you keep attracting retaining and training the right talent and we are seeing this I don't know battle over tolerance, even software companies right now how do you make sure.

Thank you, both. Our next question is from Mariana with Bank of America. Mariana, please turn on your camera, and then you'll receive a prompt to unmute your line.

Mariana Perez Mora: Turn on, everyone.

Alex Karp: Greetings.

Don't know, everyone.

Mariana Perez Mora: I have two questions. One on the AI action plan that the White House put out a couple of weeks ago. You have been part of this process through recommendations. What excites you the most and where do you think there is still work to do? And the second one is about talent because to make sure that you're part of the or the dominant software of the future, you have to make sure that you keep attracting, retaining, and training the right talent. And we are seeing this, I don't know, battle over talent in software companies right now. How do you make sure that you are ahead of everyone else and keep attracting the right people?

Greetings.

That you are ahead of everyone else and keep attracting the right people.

I have 2 questions uh 1 on the AI action plan that the White House put out a couple of weeks ago you have been part of this process through recommendations. What excites you the most and where do you think

On the first date with the AI action plan I think it's incredibly exciting, but essentially we're taking all the breaks off.

It really is an empirical journey and you have to roll up your sleeves and actually focus on the implementation of it. It is a clear recognition that having an American open AI Tech stack that we all build our solutions on is absolutely crucial and important.

And that perhaps we had been spending too much time hand, ringing and not enough time doing things so not only passenger but I think the entire industry and the customers of the industry are really excited to get to work and to realize the value that we can have by doing this and the support and the subsequent follow on investments that this implies.

Shyam Sankar: On the first bit with the AI action plan, I think it's incredibly exciting that essentially we're taking all the brakes off. You know, AI really is an empirical journey and you have to roll up your sleeves and actually focus on the implementation of it. It's a clear recognition that having an American open AI tech stack that we all build our solutions on is absolutely crucial and important. And that perhaps we had been spending too much time hand-wringing and not enough time doing things. So not only Palantir, but I think the entire industry and the customers of the industry are really excited to get to work and to realize the value that we can have by doing this and the support and the subsequent follow-on investments that this implies.

There is still work to do and the second 1 is about talent because to make sure that you're part of the or the dominant software of the future, you have to make sure that you keep attracting retaining and training the right talent and we are seeing this. I don't know battle over talent in software companies right now. How you make sure that you are ahead of everyone else and keep attracting the right people.

And on the talent side I think the most important thing is giving people access to problems that matter.

We've seen our retention be quite strong there's really no. Other place that you think about the number of production workflows that we have around AI. There is there's a set of folks who like to just do research you like to just think about what was possible and but at this point.

On the first bit with the AI action plan. I I think it's it's incredibly exciting but essentially we're taking all the breaks off. Uh, you know, AI really is an empirical journey and you have to roll up your sleeves and and actually focus on the implementation of it. It's a clear recognition that having an American open, AI Tech stack that we all build our Solutions on is absolutely crucial and important uh and that perhaps we had been spending too much time hand ringing and not enough time doing things. So I not only pallant here but I think the entire history and the customers of the industry are really excited to get to work and to to realize the value that we can have.

Shyam Sankar: And on the talent side, you know, I think the most important thing is giving people access to problems that matter. We've seen our retention be quite strong. There's really no other place. You think about the number of production workflows that we have around AI. There's a set of folks who like to just do research, who like to just think about what is possible. But at this point, we are able to attract and retain and motivate people who actually want to bend the arc of history here, work on the problems that drive outcomes.

Display E are able to attract and retain and motivate people, who actually want to bend the arc of history here work on the problems that drive outcomes. This is what I'm, saying so right.

<unk>.

I mean part of the value of doing these calls it's like if you are a highly talented person and would believe that the worst is superior or at least tolerant of me telling you. It every day.

You will not find a place anywhere I've seen in now.

Alex Karp: This is what Shyam's saying is so right. I mean, part of the value of doing these calls is like if you are a highly talented person and would believe that the West is superior or at least tolerant of me telling you it every day, you will not find a place anywhere I've seen. And now, in over 20 years, I've interacted with almost every agency in the West, many of the largest companies, many of the smaller companies. You will not find a place that is comparable on time of joining to full agency like Palantir. We have this, and by the way, we're ratcheting this up, like more internal orchestration.

Over 20 years I've interacted with almost every agency in the west.

By doing this and the support, uh, and the subsequent follow-on Investments that this implies, um, and and on the talent side, you know, I think the most important thing is giving people access to problems that matter. Uh, we we've seen our retention be quite strong. There's there's really no other place that you think about the number of production workflows that we have around AI. There's, there's a set of folks who like to just do research you like to just think about what was possible. And but at this point, we are able to attract and retain and motivate people who actually want to bend the Arc of History here. Work on the problems that drive outcomes, this is what I'm saying is so write the, if it

Many of the largest companies many of the smaller companies you will not find a place that is comparable on.

Time of joining to for agency like pound here, we have this and by the way. We're ratcheting this up like more internal orchestration you come here from from the time you come here to the time you were working on something that literally will be in the paper and the economic section in the consumer section or in the government section of the paper.

It could be three months.

Well, the I mean part of the value of doing these calls is like, if you are a highly talented person and would believe that the West is Superior or at least tolerant of me telling you it every day, um, you will but not find a place anywhere I've seen. And now, I've in over 20 years, I've interacted with almost every agency in the west, many of the largest companies, many of the smaller companies, you will not find a place that is comparable on

There is nothing like that a and B now that everyone knows. This this is by far the best credential and Tech if you come to a pound here your careers set and the other thing that does not exactly related that I really just love about that if you did not go to school or you went to a school that is not that great or you went to Harvard or Princeton Yale.

Alex Karp: You come here, from the time you come here to the time you're working on something that literally will be in the paper and the economic section and the consumer section or in the government section of the paper, it could be three months. There is nothing like that. A, and B, now that everyone knows this, this is by far the best credential in tech. If you come to Palantir, your career is set. And the other thing that is not exactly related that I really just love about that, if you did not go to school or you went to a school that's not that great or you went to Harvard or Princeton or Yale, once you come to Palantir, you're a Palantir-ian. No one cares about the other stuff. They don't care what your parents did. They don't care how rich your parents are.

Time of joining to full agency. Like pound here, we have this. And and by the way, we're ratcheting this up, like, more. Internal orchestration. You come here from from the time you come here to the time you're working on, something that literally will be in the paper and the economic section and the consumer section or in the government section of the paper, it could be 3 months.

Once you come to balance your euro pound area no one cares about the other stuff they don't care, where your parents did they don't care, which your parents or they don't care, where you went to school. They cared about they care about where are you a balance here. How are you viewed a pound year. What did you work on a pound here and so we are re credential, making a new credential.

A class and background a pound here that is the most important credential in tech and that's one of the one of the two reasons agency plus that that we are we are doing very very well on the on the on the talent acquisition and retention side.

Alex Karp: They don't care where you went to school. They care about where you're at Palantir. How are you viewed at Palantir? What did you work on at Palantir? And so we are recredentialing, making a new credential independent of class and background at Palantir that is the most important credential in tech. And that's one of the two reasons, agency plus that, that we are doing very, very well on the talent acquisition and retention side.

Thank you both Alex as always if you have a lot of individual investors on the line is there anything you'd like to say before we enter <unk>.

May be stopped talking to all the haters, they're suffering don't tell him about how important the riotous Ben how exciting it's been how much you've enjoyed the ride how how much fun. It is to send to write little emails to analysts that spent 20 years learning about software and had been wrong about every quarter. Maybe just you know just don't talk to them there are some suffering.

Making a new credential independent of class and background at palantir. That is the most important credential in Tech and that's 1 of the 1 of the, the, the 2 Reasons agency, plus that that we are, we are doing very, very well on the, on the, on the talent, acquisition and retention side.

Ana Soro: Thank you both. Alex, as always, we have a lot of individual investors on the line. Is there anything you'd like to say before we end the call?

Thank you, both.

You have a lot of individuals.

Alex Karp: Maybe stop talking to all the haters. They're suffering. You know, don't tell them about how important the ride has been, how exciting it's been, how much you've enjoyed the ride, how much fun it is to write little emails to analysts that spent 20 years learning about software and have been wrong about every quarter. Maybe just, you know, just don't talk to them. There's some suffering going on. But for the rest of us, we are enjoying this time and we're enjoying it with you. And our performance and your support of it is both important because you deserve it. And we are grateful that you gave it to us, especially, and I definitely have not forgotten, there would have been no DPO. We would not have gone from our low share price to now.

Going on but for the rest of US we're enjoying this time and we're enjoying it with you.

And our performance and your support of it is is is both important because you deserve it and we are grateful that you gave it to us, especially I definitely have not forgotten there would've been no GPO, we would not have gone from our low share price and now we would not have many of the clients. We have and we wouldn't have some of the pride we have without you, but I would also say.

Our ability to win while sticking by what we believe is important for the world because we live in a world where people are prevailing half truths partial truths pallets you. It gets attack just because we help make this country, even better because we support the values, because we defended and us being able to win while having an appeal.

Is there anything you'd like to say before we end the call maybe stop talking to all the haters. They're, they're, they're suffering. You know? Don't tell them about how important the ride is been. How exciting. It's been. How much you've enjoyed the ride. How how much fun it is to send uh to write little emails to analysts that spent 20 years learning about software and have been wrong about every quarter, maybe just, you know, just don't don't talk to them. There's some suffering going on, but for the rest of us, we are enjoying this time and and we're enjoying it with you.

Alex Karp: We would not have many of the clients we have, and we wouldn't have some of the pride we have without you. But I would also say our ability to win while sticking by what we believe is important for the world because we live in a world where people are prevailing half-truths, partial truths. Palantir gets attacked just because we help make this country even better, because we support the values, because we defend it. And you know, us being able to win while having an opinion does have an impact on the world, if only because the people who think we are wrong or not good have to be a little jealous and suffer. And you know what? That's a good thing too. So I'm very, very proud of this quarter.

<unk> does have an impact on the world if only because the people who think we're wrong or not good.

Have to be a little jealous and tougher and you know what that's a good thing too. So I'm very very proud of this quarter and by the way obviously to all the <unk> who made this happen.

And our performance and your support of it is, is is both important because you deserve it. And we are grateful that you gave it to us especially, and I definitely have not forgotten. There would have been no DPO, we would not have gone from our low share price to. Now we would not have many of the clients we have and we wouldn't have some of the pride we have without you. But I would also say our ability to win while sticking by what we believe is important for the world because we live in a world where people are. Purveying, half-truths, partial, truths pound, you gets attacked. Just because we help make this country even better because we support the values because we

Behind the scenes.

We are just to use sharps term grinding.

And every day and all the time on our most important.

Things were working on and.

Alex Karp: And by the way, obviously to all the Palantir-ians who made this happen, you know, behind the scenes, we are just, to use Shyam's term, grinding. And every day and all the time on our most important things we're working on. And you know, we've had deployments here that because of their criticality, our people are working around the clock for half a month, around the clock on a cycle. And they're really proud to do that. And they have changed the arc of history and your support inside the company and outside the company. And also, we're asking people to work in an environment when they come in here that is very different than anything they've ever worked on. You know, most of them come from university where they've just been engaged in platitudes. Now it's frontline where things matter. And we do things very differently than anyone else.

We've had deployments here that because of their criticality our people are working around the clock.

For half a month around the clock on a cycle.

And they're really proud to do that and they have changed the arc of history and your support inside the company and outside the company and also we're asking people to work in an environment when they come in here that is very different than anything they've ever worked on you know they they most of them come from University, where they've just been engaged in platitudes now it's frontline.

Defend it, and you know, us being able to win while having an opinion does have an impact on the world, if only because the people who think we are wrong or not good, uh, have to be a little jealous and suffer. And you know what? That's a good thing too. So, uh, I'm very, very proud of this quarter. And by the way, obviously to all the Palantir team members who made this happen, you know, behind the scenes, we are just, to use Shyam's term, grinding, uh, every day and all the time. On our most important.

Where things matter and we do things very differently than anyone else and the fact that <unk> have aligned to do this to work as a failing its failings in the service of what I view as a higher purpose and I think many agree with me is an enormous accomplishment, especially.

Especially I speak for all of US who work with these people. This is a very special environment and I am Super proud to somehow ended up being your leader.

Alex Karp: And the fact that Palantir-ians have aligned to do this, to work as a phalanx in the service of what I view as a higher purpose, and I think many agree with me, is an enormous accomplishment. And you know, especially I speak for all of us who like work with these people. This is a very special environment. And I'm super proud to somehow ended up being your leader. So thank you.

So thank you.

Thank you that concludes Q&A for today's call.

Yeah.

Things we're working on. And you know, we've had deployments here that because of their criticality are people are working around the clock for half a month around the clock on a cycle. Uh, and they're really proud to do that and they have changed the Arc of history and your support inside the company and outside the company. And also, we're asking people to work in an environment when they come in here, that is very different than anything they've ever worked on. You know, they they most of them come from University where they've just been engaged in platitudes now, it's front line where things matter and we do things very differently than anyone else. And the fact that pallant have aligned to do this to work as a finance failing, in the service of what I view as a higher purpose. And I think many agree with me is an enormous accomplishment. And, you know, I especially I speak for all of us who like work with these people. This is a very special environment and I'm super proud to

Somehow ended up being your leader.

Ana Soro: Thank you. That concludes Q&A for today's call.

So, thank you.

Thank you; that concludes Q&A for today's call.